In the same article, Buffett refers to something Max Planck once said:*

Mr. Buffett on the persistence of bad ideas in finance: "The famous physicist Max Planck was talking about the resistance of the human mind, even the bright human mind, to new ideas.... And he said science advances one funeral at a time, and I think there's a lot of truth to that and it's certainly been true in finance."This is sort of along the same lines of this older Munger commentat the 2007 Berkshire Hathaway meeting:

"We'd argue that what's taught is at least 50% twaddle, but these people have high IQs. We recognized early on that very smart people do very dumb things, and we wanted to know why and who, so we could avoid them."

They are certainly no fan of the way finance and investing is taught in academia.

Adam

* "A new scientific truth does not triumph by convincing its opponents and making them see the light, but rather because its opponents eventually die, and a new generation grows up that is familiar with it." - Max Planck